Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Chatham Lodging Trust | w80210e8vk.htm |
| EX-10.1 - EX-10.1 - Chatham Lodging Trust | w80210exv10w1.htm |
Exhibit 99.1
For Immediate Release
Contact:
|
Jerry Daly, Carol McCune | Dennis Craven | ||
| Daly Gray Public Relations | Chief Financial Officer | |||
| (Media) | (Company) | |||
| jerry@dalygray.com | dcraven@cl-trust.com | |||
| (703) 435-6293 | (561) 227-1386 |
Chatham Lodging Trust Closes Secured Line of Credit
PALM BEACH, Fla., October 12, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate
investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service
hotels, today announced that it successfully closed on its $85 million revolving secured line of
credit. The credit facility carries a three-year term and an interest rate of LIBOR plus a margin
based on the company’s leverage ratio; at levels less than 30 percent the margin is 325 basis
points, subject to a LIBOR floor of 1.25 percent. Subject to certain conditions, the line of
credit has an accordion feature that provides the company with the ability to increase the facility
to $110 million.
Participating lenders for the secured line of credit include Barclays Capital, Regions Capital
Markets, Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National
Association. Barclays Capital and Regions Capital Markets acted as joint lead arrangers, Barclays
Bank PLC as administrative agent, Regions Bank as syndication agent, with Credit Agricole Corporate
and Investment Bank, UBS Securities and US Bank National Association acting as co-documentation
agents.
“We have an active acquisition pipeline and this credit facility provides us added flexibility
to continue to selectively acquire hotels,” said Dennis M. Craven, Chatham’s chief financial
officer. “We appreciate the support of our lenders as we continue to build Chatham into a premier
owner of upscale extended-stay and premium branded select-service hotels.”
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised real estate investment trust that was organized to
invest in upscale extended-stay hotels and premium-branded select-service hotels. The company
currently owns 12 hotels with an aggregate of 1,505 rooms/suites in eight states and has one
additional hotel under contract to purchase. Additional information about Chatham may be found at
www.chathamlodgingtrust.com.
This press release may contain “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including those statements
regarding acquisitions, capital expenditures, future operating results and the timing and
composition of revenues, among others, and statements containing words such as “expects,”
“believes” or “will,” which indicate that those statements are forward-looking. Except for
historical information, the matters discussed in this press release are forward-looking statements
that are subject to certain risks and uncertainties that could cause the actual results or
performance to differ materially from those discussed in such statements. Additional risks are
discussed in the company’s filings with the Securities and Exchange Commission.